LML4804 Tax Law (LML4804)

1.1 The purchase price of the bricks will be included in Mr Nkomo’s gross income once it is accrued to him.The amount can be taxed either on receiving it or on its accrual. In Lategan v CIR the court held that, 1 the taxpayer is entitled to an accrued amount and the amount, which is payable in future, its present discounted value, and not its full amount, be included in the gross income. In CIR v Peoples Stores, 2 the taxpayer sold goods on cash and credit. Goods that was sold on c...

TAX LAW NOTES: STUDY UNIT 1 INTRODUCTION TO TAXATION State Expenditure and Financing: State expenditure is financed through: 1. Increasing the supply of money in the economy – minting own money; 2. Loans; 3. Generating own income. Generating states “Own Income” can be done by; 1. Sale or lease of property; 2. State enterprises and monopolies; 3. Taxes, duties, levies, and user charges. What is tax? Compulsory contribution, payable in money or in kind, to a taxing authority, a...

LML4804-TAX LAW PORTFOLIO 2021

LML4804 - NEW Exampack (2021)

LML4804 - Notes (Summary)

1.1 Without considering the different years of assessments, discuss the capital gains tax consequences of the assets belonging to Mario. [10 marks] 1.2 Discuss the capital gains tax consequences of an asset belonging to Buhle. [5 marks] SUB-TOTAL FOR QUESTION 1 [15 marks] LML4804 September/November...

1.1 Without considering the different years of assessments, discuss the capital gains tax consequences of the assets belonging to Mario. [10 marks] 1.2 Discuss the capital gains tax consequences of an asset belonging to Buhle. [5 marks] SUB-TOTAL FOR QUESTION 1 [15 marks] LML4804 September/November...

LML4804 - Tax Law Assignment 1 Semester 2 2021. GROSS INCOME There is no definition for “accrued to” and we would therefore have to consider case law to determine what the courts held to determine the meaning of the phrase. IN ategan v CIR (1926 CPD) It was held that the meaning of ‘accrued to’ was ‘entitled to’. An amount of gross income accrues to a taxpayer in the year of assessment in which he became entitled to an amount, irrespective of the fact that the amount may only ...

A compilation of Past Question papers for LML4804 for the following years: 2016, 2019, 2020, 2021. There are NO Answers, Just Exam Question Papers Organised in descending order by years.